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Assets Held for Sale
3 Months Ended
Dec. 31, 2012
Assets Held for Sale

Note 7.

Assets Held for Sale

At September 30, 2012 we classified $1,380,000 of net assets as held for sale related to a fully developed site in Firestone, Colorado. On November 30, 2012 we completed a sale lease-back transaction on the property. The net proceeds of $1,377,000 were used to pay down the PFGI II, LLC note payable by $765,000 and to increase our working capital.

At December 31, 2012 we classified $1,888,000 of net assets as held for sale related to two sites, one in Wheat Ridge, Colorado and one in Thornton, Colorado. On January 25, 2013 we completed a sale lease-back transaction on the Wheat Ridge property. The net proceeds of $870,000 were used to pay off the PFGI II, LLC note payable balance of $531,000 and to increase our working capital. We have entered into a sale leaseback agreement for the Thornton property that we expect will yield approximately $1,085,000 in net proceeds by March 31, 2013.